DOCSLIB.ORG

Cultural Capture and the Financial Crisis

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Cultural Capture and the Financial Crisis Preventing Regulatory Capture Special Interest Influence and How to Limit It Edited by DANIEL CARPENTER Harvard University DAVID A. MOSS Harvard University Cambridge University Press Not for sale or distribution. 32 Avenue of the Americas, New York, NY 10013-2473, USA Cambridge University Press is part of the University of Cambridge. It furthers the University’s mission by disseminating knowledge in the pursuit of education, learning, and research at the highest international levels of excellence. www.cambridge.org Information on this title: www.cambridge.org/9781107646704 C The Tobin Project 2014 This publication is in copyright. Subject to statutory exception and to the provisions of relevant collective licensing agreements, no reproduction of any part may take place without the written permission of Cambridge University Press. First published 2014 Printed in the United States of America A catalog record for this publication is available from the British Library. Library of Congress Cataloging in Publication Data Preventing regulatory capture : special interest influence and how to limit it / [edited by] Daniel Carpenter, Harvard University, David A. Moss, Harvard University. pages cm Includes index. ISBN 978-1-107-03608-6 (hardback) – ISBN 978-1-107-64670-4 (pbk.) 1. Deregulation – United States. 2. Trade regulation – United States. 3. Interest groups – United States. I. Carpenter, Daniel P., 1967– II. Moss, David A., 1964– HD3616.U63P74 2013 338.973–dc23 2013008596 ISBN 978-1-107-03608-6 Hardback ISBN 978-1-107-64670-4 Paperback Cambridge University Press has no responsibility for the persistence or accuracy of URLs for external or third-party Internet Web sites referred to in this publication and does not guarantee that any content on such Web sites is, or will remain, accurate or appropriate. Cambridge University Press Not for sale or distribution. 4 Cultural Capture and the Financial Crisis James Kwak1 In 1992, Barbara Smiley, a resident of California, sued Citibank, alleg- ing that it violated California law by charging late fees to her credit card account.2 During the litigation, the Office of the Comptroller of the Cur- rency (OCC) – the primary regulator for national banks such as Citibank – issued a proposed regulation specifying that late fees were “interest”3; under federal law,4 this meant that Citibank was bound solely by the law of the state where its credit card subsidiary was situated – South Dakota.5 When the case was appealed to the Supreme Court, twenty-five states and sev- eral consumer organizations signed onto briefs supporting Smiley; fifteen states, the American Bankers Association, and the OCC supported Citibank. The Supreme Court ruled for Citibank, deferring to the OCC.6 The Court acknowledged but discarded the fact that the OCC seemed to have issued the regulation because of the ongoing litigation,7 endorsing the ability of a federal agency to issue regulations to sway pending litigation in favor of the companies it supervised. 1 Associate Professor, University of Connecticut School of Law. I would like to thank Chris- tine Jolls, the other authors represented in this volume, and two anonymous reviewers for helpful suggestions. 2 Smiley v. Citi bank (South Dakota), N.A., 517 U.S. 735, 738 (1996). 3 Office of the Comptroller of the Currency, “Interpretive Rulings,” 60 Fed. Reg. 11924, 11929 (1995). 4 Section 85 of the National Bank Act, 12 U.S.C. § 85, interpreted by Marquette National Bank of Minneapolis v. First of Omaha Service Corp., 439 U.S. 299 (1978). 5 Citibank located its credit card issuing bank in South Dakota because of favorable reg- ulation offered by that state. Robin Stein, “The Ascendancy of the Credit Card Indus- try,” Frontline, November 23, 2004. Available at http://www.pbs.org/wgbh/pages/frontline/ shows/credit/more/rise.html. 6 Smiley, 517 U.S. at 739. 7 Ibid., 741. 71 Cambridge University Press Not for sale or distribution. 72 James Kwak The OCC’s intervention in Smiley v. Citibank wasjustonepartofa sweeping campaign to lift constraints on national banks, allowing them to enter new businesses while blocking efforts by states to rein them in.8 The OCC, in turn, was just one of several federal agencies that spent most of the past two decades fulfilling the wishes of different segments of the financial sector. The Federal Reserve issued a series of decisions enabling banks to expand into the securities business9 and later declined to enforce consumer protection statutes against the nonbank subsidiaries of bank holding companies.10 All four major banking agencies (the Federal Reserve, the OCC, the Office of Thrift Supervision [OTS], and the Federal Deposit Insurance Corporation [FDIC]) relaxed the capital requirements governing structured financial products, enabling banks to ramp up their securitiza- tion businesses without setting aside large amounts of capital.11 The Secu- rities and Exchange Commission (SEC) allowed major investment banks to use their internal models to calculate their net capital, giving them greater flexibility to effectively increase their leverage;12 in exchange, the banks gave the SEC new oversight powers that went essentially unused.13 The OTS was perhaps the worst offender, seemingly engaging in blatant efforts to attract fee-paying regulatory “customers” with the promise of lax regula- tion.14 Several of these policies were vigorously contested at the time, as was the OCC’s position in Smiley. In 2003, when the OCC issued two proposed rules that would expand federal preemption of state law, it received more than 2,700 comment letters. The vast majority of the non-form letters opposed the proposed rules, including a majority of letters from every category of 8 Steven P. Croley, “Public Interested Regulation,” Florida State University Law Review 28 (Fall 2000): 75–84; Adam J. Levitin, “Hydraulic Regulation: Regulating Credit Markets Upstream,” Yale Journal on Regulation 26 (Summer 2009): 152–5. 9 Simon Kwan, “Cracking the Glass-Steagall Barriers,” Federal Reserve Bank of San Francisco Economic Letter 97–08, March 21, 1997. 10 Binyamin Appelbaum, “Fed Held Back as Evidence Mounted on Subprime Loan Abuses,” Washington Post, September 27, 2009. Available at http://www.washingtonpost.com/ wp-dyn/content/article/2009/09/26/AR2009092602706.html. 11 Corine Hegland, “Why It Failed,” National Journal, April 11, 2009, 12–20. 12 Securities and Exchange Commission, “Final Rule: Alternative Net Capital Requirements for Broker-Dealers That Are Part of Consolidated Supervised Entities,” 69 Fed. Reg. 34428 (2004). 13 SEC Office of Inspector General, SEC’s Oversight of Bear Stearns and Related Entities: The Consolidated Supervised Entity Program, September 25, 2008. 14 Binyamin Appelbaum and Ellen Nakashima, “Banking Regulator Played Advocate Over Enforcer,” Washington Post, November 23, 2008. Available at http://www.washingtonpost .com/wp-dyn/content/article/2008/11/22/AR2008112202213.html. Cambridge University Press Not for sale or distribution. Cultural Capture and the Financial Crisis 73 respondent except “bank industry [other].”15 The OCC made some changes in the final rule, but refused to budge on the core preemption issue.16 Many of these policies also contributed to the financial crisis that began in 2007. Deregulation of financial markets enabled financial institutions to spawn new types of mortgages that fueled the housing bubble, manufacture enor- mous volumes of securities that became toxic when the bubble collapsed, magnify and concentrate risk through the use of customized derivatives, and lever up with short-term debt. Policies that were favored by the financial sector because they increased profits in the short run ended up making the financial system more fragile and imposing widespread losses on society. CAPTURE? At first glance, federal regulation of the financial system over the past two decades seems like a case of regulatory capture, in which agencies do the bidding of industry without regard for the public good. However, there is a problem with this picture, which can be identified by focusing on the definition of capture in this volume (slightly shortened): “a process by which regulation . is consistently or repeatedly directed away from the public interest and toward the interests of the regulated industry by the intent and action of the industry itself.” Most importantly, it is difficult to prove that the deregulatory policies pursued by these agencies were clearly not in the public interest as knowable at the time. In retrospect, given the economic and fiscal consequences of the financial crisis, it seems obvious that policies that increased the likelihood or severity of the crisis were not in the public interest. However, two defenses can be made against this indictment. First, bad outcomes are not proof of bad policy, because the outcomes of policies are probabilistic. It is theoretically possible that the recent financial crisis was a fluke accident17 and that the true expected impact of these policies on the public interest was positive – just as a football team’s failure to gain a first down on fourth-and-one does not mean that going for a first down was a bad decision.18 Second, many agency 15 Government Accountability Office, OCC Preemption Rulemaking: Opportunities Existed to Enhance the Consultative Efforts and Better Document the Rulemaking Process,October 2005, 30–6. 16 Ibid., 36–40. 17 For the record, I am highly skeptical of the “once-in-a-century flood” theory of the financial crisis. 18 Indeed, Romer shows that teams should go for a first down on fourth-and-one
Load more
Loading...
Loading...
Loading...
Loading...
Loading...

25 pages remaining, click to load more.

Recommended publications
  • How Does Corruption Affect the Adoption of Lobby Registers? a Comparative Analysis
    Politics and Governance (ISSN: 2183–2463) 2020, Volume 8, Issue 2, Pages 116–127 DOI: 10.17645/pag.v8i2.2708 Article How Does Corruption Affect the Adoption of Lobby Registers? A Comparative Analysis Fabrizio De Francesco 1 and Philipp Trein 2,3,* 1 School of Government and Public Policy, University of Strathclyde, Glasgow, G42 9RJ, UK; E-Mail: fabrizio.de-francesco@strath.ac.uk 2 Department for Actuarial Sciences, University of Lausanne, 1015 Lausanne, Switzerland; E-Mail: josefphilipp.trein@unil.ch 3 Institute of Political Studies, Faculty of Social and Political Sciences, University of Lausanne, 1015 Lausanne, Switzerland * Corresponding author Submitted: 14 December 2019 | Accepted: 19 March 2020 | Published: 28 May 2020 Abstract Recent research has demonstrated that some governments in developed democracies followed the OECD and the EU rec- ommendations to enhance transparency by adopting lobby registers, whereas other countries refrained from such mea- sures. We contribute to the literature in demonstrating how corruption is linked to the adoption of lobbying regulations. Specifically, we argue that governments regulate lobbying when they face the combination of low to moderate levels of corruption and a relatively well-developed economy. To assess this argument empirically, we compare 42 developed countries between 2000 and 2015, using multivariate logistic regressions and two illustrative case studies. The statistical analysis supports our argument, even if we include a number of control variables, such as the presence of a second par- liamentary chamber, the age of democracy, and a spatial lag. The case studies illustrate the link between anti-corruption agenda and the adoption of lobby registers.
    [Show full text]
  • A Revisionist History of Regulatory Capture WILLIAM J
    This chapter will appear in: Preventing Regulatory Capture: Special Interest . Influence and How to Limit it. Edited by Daniel Carpenter and David Moss. Copyright © 2013 The Tobin Project. Reproduced with the permission of Cambridge University Press. Please note that the final chapter from the Cambridge University Press volume may differ slightly from this text. A Revisionist History of Regulatory Capture WILLIAM J. NOVAK A Revisionist History of Regulatory Capture WILLIAM J. NOVAK PROFESSOR, UNIVERSITY OF MICHIGAN SCHOOL OF LAW The idea of regulatory capture has controlled discussions of economic regulation and regulatory reform for more than two generations. Originating soon after World War II, the so-called “capture thesis” was an early harbinger of the more general critique of the American regulatory state that dominated the closing decades of the 20th century. The political ramifications of that broad critique of government continue to be felt today both in the resilient influence of neoliberal policies like deregulation and privatization as well as in the rise of more virulent and populist forms of anti-statism. Indeed, the capture thesis has so pervaded recent assessments of regulation that it has assumed something of the status of a ground norm – a taken-for-granted term of art and an all-purpose social-scientific explanation – that itself frequently escapes critical scrutiny or serious scholarly interrogation. This essay attempts to challenge this state of affairs by taking a critical look at the emergence of regulatory capture theory from the perspective of history. After introducing a brief account of the diverse intellectual roots of the capture idea, this essay makes three interpretive moves.
    [Show full text]
  • Lobbying, Corruption and Other Banes
    IZA DP No. 3693 Lobbying, Corruption and Other Banes Nauro F. Campos Francesco Giovannoni DISCUSSION PAPER SERIES DISCUSSION PAPER September 2008 Forschungsinstitut zur Zukunft der Arbeit Institute for the Study of Labor Lobbying, Corruption and Other Banes Nauro F. Campos Brunel University, CEPR and IZA Francesco Giovannoni University of Bristol and CMPO Discussion Paper No. 3693 September 2008 IZA P.O. Box 7240 53072 Bonn Germany Phone: +49-228-3894-0 Fax: +49-228-3894-180 E-mail: iza@iza.org Any opinions expressed here are those of the author(s) and not those of IZA. Research published in this series may include views on policy, but the institute itself takes no institutional policy positions. The Institute for the Study of Labor (IZA) in Bonn is a local and virtual international research center and a place of communication between science, politics and business. IZA is an independent nonprofit organization supported by Deutsche Post World Net. The center is associated with the University of Bonn and offers a stimulating research environment through its international network, workshops and conferences, data service, project support, research visits and doctoral program. IZA engages in (i) original and internationally competitive research in all fields of labor economics, (ii) development of policy concepts, and (iii) dissemination of research results and concepts to the interested public. IZA Discussion Papers often represent preliminary work and are circulated to encourage discussion. Citation of such a paper should account for its provisional character. A revised version may be available directly from the author. IZA Discussion Paper No. 3693 September 2008 ABSTRACT Lobbying, Corruption and Other Banes* Although the theoretical literature often uses lobbying and corruption synonymously, the empirical literature associates lobbying with the preferred mean for exerting influence in developed countries and corruption with the preferred one in developing countries.
    [Show full text]
  • Understanding Regulatory Capture: an Academic Perspective from the United States
    Chapter 2 Understanding Regulatory Capture: An Academic Perspective from the United States Lawrence G. Baxter Duke Law School In the wake of the Financial Crisis of 2008, the About the Author: Lawrence Baxter is professor of huge Deepwater Horizon oil spill in 2010, and practice of law in the Duke Law School. He has published other industrial catastrophes, the media and extensively in the areas of United States and global academic journals are now replete with charges of banking and regulation; and administrative law. He began that industries have captured their regulators. his academic career at the University of Natal in South Africa, where he held tenure from 1978 to 1984. In 1995, There are well-documented reports of constantly Baxter joined Wachovia Bank in Charlotte, NC, serving revolving doors in which the regulators and the first as special counsel for Strategic Development and regulated frequently change places, of huge later as corporate executive vice president, founding amounts spent by industries in lobbying both Wachovia’s Emerging Businesses and Insurance Group legislators and regulators, and of close social and its first eBusiness Group. He served as chief eCommerce officer for Wachovia Corporation from 2001 relationships that exist between senior regulators to 2006 before returning to Duke in 2009. and executives. A recent Bloomberg BusinessWeek profile describes the “chummy relationship” between the chairman of Citigroup, Sometimes it seems almost as if the United States Dick Parsons, and the Secretary of the United Treasury (not to mention the staff of the White States Treasury, Timothy Geithner, whom Parsons House itself) is run by a cadre of officials who apparently calls “Timmy” – a term that one were either recently members of Goldman Sachs leading Wall Street analyst observes ‘does not or who had spent most of their waking hours exactly acknowledge the authority of the interacting with the CEOs of Goldman, JP Morgan, Secretary, a post once occupied by Alexander 1 Citi and other New York banking giants.
    [Show full text]
  • Greece, Capitalist Interests, and the Specular Purity of the State
    Discussion Paper No. 8 Corrupt Compared to What? Greece, Capitalist Interests, and the Specular Purity of the State Peter Bratsis August 2003 The Hellenic Observatory The European Institute London School of Economics and Political Science Acknowledgements This paper was made possible by a research fellowship from the Hellenic Observatory of the European Institute. It is based on a talk given at the London School of Economics on October 22, 2002. Many of the ideas and arguments presented here were developed during discussions with Constantine Tsoukalas, without his input and encouragement this paper would not have been possible. Stanley Aronowitz, John Bowman, Andreas Karras, Lenny Markovitz, Randy Martin, Eleni Natsiopoulou, Frances Fox Piven and Yannis Stavrakakis have read earlier versions of key sections of the current paper and have provided important comments and suggestions. Kevin Featherstone and Dimitris Papadimitriou have been kind enough to read the paper and provide useful criticisms and suggestions. I hope that the arguments contained here are clear and provocative enough to engender discussion. Table of Contents Introduction: Political Corruption and Greece Part I: Legitimation What is Political Corruption? Why Corruption? Rules of Separation: From Leviticus to Washington D.C. The Australian Case: Fetishism Revealed Part II: Accumulation The Opacity of Transparency Instrumental Reason and the Relative Autonomy of the State The Globalization of the Capitalist State Conclusion: Future Directions for Research on Corruption and Greece Works Cited 3 Introduction: Political Corruption and Greece Political corruption is under attack. Technocrats, mainstream academics, and media pundits qua ‘experts’ have increasingly set their sights upon the blight of corruption.
    [Show full text]
  • Strange Victory: a Critical Appraisal of Operation Enduring Freedom and the Afghanistan War
    30 JANUARY 2002 RESEARCH MONOGRAPH #6 Strange Victory: A critical appraisal of Operation Enduring Freedom and the Afghanistan war Carl Conetta PROJECT ON DEFENSE ALTERNATIVES COMMONWEALTH INSTITUTE, CAMBRIDGE, MASSACHUSETTS Contents Introduction 3 1. What has Operation Enduring Freedom accomplished? 4 1.1 The fruits of victory 4 1.1.1 Secondary goals 5 1.2 The costs of the war 6 1.2.1 The humanitarian cost of the war 7 1.2.2 Stability costs 7 2. Avoidable costs: the road not taken 9 3. War in search of a strategy 10 3.1 The Taliban become the target 10 3.2 Initial war strategy: split the Taliban 12 3.2.1 Romancing the Taliban 13 3.2.2 Pakistan: between the devil and the red, white, and blue 14 3.3 The first phase of the air campaign: a lever without a fulcrum 15 3.3.1 Strategic bombardment: alienating hearts and minds 15 3.4 A shift in strategy -- unleashing the dogs of war 17 4. A theater redefined 18 4.1 Reshuffling Afghanistan 19 4.2 Regional winners and losers 20 4.3 The structure of post-war Afghan instability 21 4.3.1 The Bonn agreement: nation-building or “cut and paste”? 22 4.3.2 Peacekeepers for Afghanistan: too little, too late 24 4.4 A new game: US and Afghan interests diverge 25 4.4.1 A failure to adjust 26 5. The tunnel at the end of the light 28 5.1 The path charted by Enduring Freedom 28 5.2 The triumph of expediency 29 5.3 The ascendancy of Defense 29 5.4 Realism redux 31 5.5 Bread and bombs 32 5.6 The fog of peace 34 Appendix 1.
    [Show full text]
  • The Truth of the Capture of Adolf Eichmann (Pdf)
    6/28/2020 The Truth of the Capture of Adolf Eichmann » Mosaic THE TRUTH OF THE CAPTURE OF ADOLF EICHMANN https://mosaicmagazine.com/essay/history-ideas/2020/06/the-truth-of-the-capture-of-adolf-eichmann/ Sixty years ago, the infamous Nazi official was abducted in Argentina and brought to Israel. What really happened, what did Hollywood make up, and why? June 1, 2020 | Martin Kramer About the author: Martin Kramer teaches Middle Eastern history and served as founding president at Shalem College in Jerusalem, and is the Koret distinguished fellow at the Washington Institute for Near East Policy. Listen to this essay: Adolf Eichmann’s Argentinian ID, under the alias Ricardo Klement, found on him the night of his abduction. Yad Vashem. THE MOSAIC MONTHLY ESSAY • EPISODE 2 June: The Truth of the Capture of Adolf Eichmann 1x 00:00|60:58 Sixty years ago last month, on the evening of May 23, 1960, the Israeli prime minister David Ben-Gurion made a brief but dramatic announcement to a hastily-summoned session of the Knesset in Jerusalem: A short time ago, Israeli security services found one of the greatest of the Nazi war criminals, Adolf Eichmann, who was responsible, together with the Nazi leaders, for what they called “the final solution” of the Jewish question, that is, the extermination of six million of the Jews of Europe. Eichmann is already under arrest in Israel and will shortly be placed on trial in Israel under the terms of the law for the trial of Nazis and their collaborators. In the cabinet meeting immediately preceding this announcement, Ben-Gurion’s ministers had expressed their astonishment and curiosity.
    [Show full text]
  • State Capture Analysis: How to Quantitatively Analyze The
    DISCUSSION PAPER No. 2 June 2019 Governance Global Practice State Capture Analysis: Public Disclosure Authorized How to Quantitatively Analyze the Regulatory Abuse by Business-State Relationships Andreas Fiebelkorn Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized This series is produced by Governance Global Practice of the World Bank. The papers in this series aim to provide a vehicle for publishing preliminary results on Governance topics to encourage discussion and debate. The findings, interpretations, and conclusions expressed in this paper are entirely those of the author(s) and should not be attributed in any manner to the World Bank, to its affiliated organizations, or to members of its Board of Executive Directors or the countries they represent. Citation and the use of material presented in this series should take into account this provisional character. For information regarding the Governance Discussion Paper Series, please contact contact: Ayse Boybeyi, at aboybeyi@ worldbank.org © 2019 The International Bank for Reconstruction and Development / The World Bank 1818 H Street, NW Washington, DC 20433 All rights reserved ABSTRACT Abundant qualitative evidence reveals how public and private actors abuse regulations to seek rents, impede reforms, and distort the economy. However, empirical evidence of such behavior, including its economic costs, remains limited. For that reason, the objective of this paper is to help practitioners who seek to quantitatively analyze state capture make better use of experience, methodologies, and potential data sources. Based on a comprehensive body of existing empirical studies, it provides guidance to analyze state capture and its impact on the economy. Chapter 1 discusses the concept of state capture and its relevance for economic development.
    [Show full text]
  • A Better Way to Fix Lobbying Lee Drutman
    Number 40 June 2011 A Better Way to Fix Lobbying Lee Drutman EXECUTIVE SUMMARY hat Washington is corrupted by Tspecial interests is perhaps the most Recent Issues in Governance Studies common critique of the “Cultivating Conscience: How federal government. Good Laws Make Good Poll after poll reveal a People” (December 2010) public convinced that “The Age of Leverage” lobbyists are a (November 2010) destructive influence,1 and most lobbying “Beyond Additionality in Cap- reform ideas and-Trade Offset Policy” accordingly take a (July 2010) © Reuters/Jim Young distinctly moralizing “The Senate Syndrome” tone. “Drain the swamp” was Nancy Pelosi’s rallying cry in 2006, backed by a (June 2010) promise to, on Day One, “break the link between lobbyists and legislation.”2 “Can a Polarized American President Obama, too, spent his campaign bashing special interests (as did Party System Be “Healthy”? McCain), and also made a symbolic point of enacting new lobbying rules for his (April 2010) administration on Day One. This paper argues that high-handed moralizing about lobbying misses the To view previous papers, visit: point: Lobbyists are not inherently corrupting, nor does their primary influence www.brookings.edu/governance/Issu es-in-Governance-Studies.aspx stem from some devilish power to automatically compel legislative outcomes through campaign contributions and/or personal connections, as is commonly believed. Rather, their influence comes from their ability to become an essential part of the policymaking process by flooding understaffed, under-experienced, and overworked congressional offices with enough information and expertise to help shape their thinking. This situation, however, is far from benign.
    [Show full text]
  • 9/11 Report”), July 2, 2004, Pp
    Final FM.1pp 7/17/04 5:25 PM Page i THE 9/11 COMMISSION REPORT Final FM.1pp 7/17/04 5:25 PM Page v CONTENTS List of Illustrations and Tables ix Member List xi Staff List xiii–xiv Preface xv 1. “WE HAVE SOME PLANES” 1 1.1 Inside the Four Flights 1 1.2 Improvising a Homeland Defense 14 1.3 National Crisis Management 35 2. THE FOUNDATION OF THE NEW TERRORISM 47 2.1 A Declaration of War 47 2.2 Bin Ladin’s Appeal in the Islamic World 48 2.3 The Rise of Bin Ladin and al Qaeda (1988–1992) 55 2.4 Building an Organization, Declaring War on the United States (1992–1996) 59 2.5 Al Qaeda’s Renewal in Afghanistan (1996–1998) 63 3. COUNTERTERRORISM EVOLVES 71 3.1 From the Old Terrorism to the New: The First World Trade Center Bombing 71 3.2 Adaptation—and Nonadaptation— ...in the Law Enforcement Community 73 3.3 . and in the Federal Aviation Administration 82 3.4 . and in the Intelligence Community 86 v Final FM.1pp 7/17/04 5:25 PM Page vi 3.5 . and in the State Department and the Defense Department 93 3.6 . and in the White House 98 3.7 . and in the Congress 102 4. RESPONSES TO AL QAEDA’S INITIAL ASSAULTS 108 4.1 Before the Bombings in Kenya and Tanzania 108 4.2 Crisis:August 1998 115 4.3 Diplomacy 121 4.4 Covert Action 126 4.5 Searching for Fresh Options 134 5.
    [Show full text]
  • History of American Democracy Syllabus
    History of American Democracy Course Syllabus Professor David Moss Fall 2015 HISTORY OF AMERICAN DEMOCRACY (USW 39, HBS 1139) Professor David Moss Harvard University, Fall 2015 Mondays and Wednesdays, 3:30-5:00 Location: HBS – Aldrich 207 Today we often hear that American democracy is broken—but what does a healthy democracy look like? How has American democratic governance functioned in the past, and how has it changed over time? This course approaches American history with these questions in mind. Based on the case method, each short reading will introduce students to a different critical episode in the development of American democracy, from the drafting of the Constitution to contemporary fights over same-sex marriage. The discussion-based classes will encourage students to challenge each other’s assumptions about democratic values and practices, and draw their own conclusions about what “democracy” means in America. This course is ideal for anyone interested in deepening his or her practical and historical understanding of the American political process, and for those interested in gaining experience with the case method of instruction frequently used in business and law schools. Note: This course, when taken for a letter grade, satisfies the General Education category of United States in the World, as well as the requirement that one of the eight General Education courses also engage substantially with Study of the Past. When taken for a letter grade, it also meets the Core area requirement for Historical Study A. COURSE ORGANIZATION AND OBJECTIVES The course content surveys key episodes in the development of democratic institutions and practices in the United States from the late 18th century to today.
    [Show full text]
  • September 2000 Public Disclosure Authorized
    20925 September 2000 Public Disclosure Authorized ANTICORRUPTION IN Public Disclosure Authorized RANSITION A Contribution to the Policy Debate Public Disclosure Authorized Public Disclosure Authorized A W 0 R L D F R EE 0 F P 0 V E R T Y I Anticorruption in Transition A Contribution to the Policy Debate The World Bank Washington, D.C. Copyright © 2000 THE WORLDBANK 1818 H Street, N.W. Washington, D.C. 20433, USA All rights reserved Manufactured in the United States of America First printing September 2000 1 2 3 4 03 02 01 00 The opinions expressed in this report do not necessarily represent the views of the World Bank or its member governments. The World Bank does not guarantee the accuracy of the data included in this publication and accepts no responsibility whatsoever for any consequence of their use. The material in this publication is copyrighted. Requests for permission to reproduce portions of it should be sent to the Office of the Publisher at the address shown in the copyright notice above. The World Bank encourages dissemination of its work and will normally give permission promptly and, when the reproduction is for noncommercial purposes, without asking a fee. Permission to copy portions for classroom use is granted through the Copyright Clearance Center, Inc., Suite 910, 222 Rosewood Drive, Danvers, Massachusetts 01923, USA. ISBN 0-8213-4802-7 Library of Congress Cataloging-in-Publication Data hasbeen appliedfor. TABLE OF CONTENTS Foreword........................................................................ vii Acknowledgments ........................................................................ ix Abbreviations ........................................................................ xi Executive Summary ........................................................................ xiii Chapter 1 The Level and Pattern of Corruption in the Transition Countries...............................
    [Show full text]